BCE reported its Q2 2025 financial results Thursday, the fifth consecutive quarter of growth for Bell Media.
Bell Media operating revenue increased 3.8% year-over-year to $843 million, driven by higher year-over-year subscriber revenue, partly offset by lower advertising revenue. The growth of Formula 1 Canadian Grand Prix and the acquisitions of Sphere Abacus and OUTEDGE Media Canada also contributed to higher total media revenue in the quarter.
Subscriber revenue increased 8.1% in Q2, compared to the same quarter last year, with continued Crave and sports direct-to-consumer streaming subscriber growth. Total Crave subscriptions increased 29% from last year to approximately 4.1 million, driven by a 72% increase in Crave direct-to-consumer streaming subscribers, while sports direct-to-consumer streaming subscribers were up 7%.
Advertising revenue was down 3.1% year-over-year due to soft demand overall for non-sports, as well as lower year-over-year audio advertising revenues attributable to the company’s divestiture of 45 radio stations, of which the majority of transactions were completed within Q2.
That was offset by higher digital video advertising revenue with total digital revenues up 9% in Q2 2025, compared to Q2 2024, driven by subscriber growth and higher digital video advertising revenue reflecting growth in Connected TV and ad-supported subscription tiers on Crave.
In a Thursday morning earnings call, BCE President & CEO Mirko Bibic said digital revenues now account for 43% of Bell Media revenue, driven by Crave.
“Bell Media has delivered a strong first half and it’s because of our digital pivot and our focus on flagship franchises and it’s paying off after five years of dedicated effort and investment,” said Bibic. “While we expect Bell Media to generate positive revenue and EBITDA for the full year, segment results may be somewhat uneven due to industry dynamics and near-term macroeconomic headwinds that may impact advertiser demand in the second half of this year. That said our goal remains unchanged, for Bell Media to consistently deliver annual revenue and EBITDA growth while delivering meaningful cash flow to BCE.”
Adjusted EBITDA in the media segment was up 7.8% to $235 million, delivering a 1.1 percentage-point increase in margin to 27.9%, compared to the same period last year. BCE attributes that to the “flow-through” of higher operating revenue, despite a 2.4% increase in operating costs due to the acquisitions of Sphere Abacus and OUTEDGE Media Canada, in addition to higher costs associated with the growth of the Canadian Grand Prix. BCE noted that those cost increases were offset by workforce reductions.
Overall, BCE consolidated revenue was up 1.3% in Q2, compared to the same period in 2024, while consolidated adjusted EBITDA declined 0.9%, reflecting higher operating costs. Net earnings of $644 million, up 6.6% with net earnings attributable to common shareholders of $579 million, up 7.8% or $0.63 per common share
